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Old 06-26-2007
SEMIJim SEMIJim is offline
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Quote:
Originally Posted by sailingdog
It depends.... some brokers are highly ethical, and if retained by the buyer, will represent the buyer's interests, much like a realtor in the US real estate market.
Careful with that bit about realtors! It's not necessarily accurate. In fact: In many states the law specifically was, and may still be, that licensed real estate agents always represent the seller, regardless of who contacted them. For example: At the time I bought my home, 15 years ago, here in Michigan, I had a particular real estate agent "working for me." But, legally speaking, tho she found me the house, she arranged to relay my offer to the seller's agent, she guided the entire process from my end, she was actually working for the seller. That was the way the law read. A Michigan real estate agent could lose their license for the most minor of infractions of doing anything that put, or appeared to put, the buyers interests ahead of the sellers. (One friends wife had her license suspended for simply conveying a water test sample to the lab for the buyer.) In fact: When there were two agents involved, one contacted by the seller to get their home listed and the other by a buyer looking for a home, they were referred-to as the "listing agent" and the "selling agent."

I believe Michigan real estate law has since changed, and now true "buyer's agents" are possible. I believe the same is true of some other states.

Quote:
Originally Posted by sailingdog
Others, who are less ethical, will try and close the sale regardless of what is in the buyer's interest.
I would be cautious anytime somebody stood to profit from my spending money .

Quote:
Originally Posted by sailingdog
I don't know if the boat brokerage market has developed the same highly refined agreements that real estate has, and whether it includes protection for the buyer, in the case that the broker they've hired has a boat under representation that may be of interest—where they are the seller's broker. I don't believe this is yet the case, so you would have to look at the wording of the agreement you sign very closely.
Definitely.

Btw: With real estate, it's not just "highly refined agreements," but state licensing boards. I don't know if any state licenses boat brokers or brokerages.

Quote:
Originally Posted by sailingdog
As for surveyors, I would look to get a truly independent survey, rather than one done by the brokerage, even if said brokerage is nominally working for you. It would be one more check and balance to the boat buying process for you.
I would tend to concur with this.

I may use a broker-recommended surveyor if I knew the broker well and felt I could trust them implicitly. (Like I did my real estate agent.) Otherwise I'd try to find my own.

Jim
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